Corporate Governance??
The framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with its all stakeholders (financiers,customers,management,employees,government, and the community).
The corporate governance framework consists of
- Explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards.
- Procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles.
- Procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances. Also called corporation governance.
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